Asset Recovery Specialist

Lafayette Federal Credit Union
Rockville, MD
Jan 26, 2022
Jan 28, 2022
Accountant, IT
Full Time
Work from home capabilities are available ONLY HIRING IN DC, MARYLAND AND VIRGINIA Lafayette Federal Credit Union has been dedicated to providing the highest level of service to our members since 1935. We understand that in order to give the best to our members we must give the best to our team. As an institution, we are committed to the success of each employee and the betterment of our community. We are proud of our competitive pay and attractive benefits package that provides those with Lafayette Federal careers the resources needed to manage their heath, promote their well-being, and help plan an exciting future. We are seeking a smart, organized, and resourceful professional to assist the Asset Recovery department in monitoring loans that are in default in the credit union loan portfolio as well as providing support services in managing the process of loan extensions, loan modifications and foreclosures. The Asset Recovery Specialist also: Independently prioritizes and executes daily collection activities; contacts members for payment via telephone and email, timely documents and maintains collection notes and performs appropriate follow-up. Monitors and documents all legal cases as well as tracks documentation sent to collection attorneys. Performs the appropriate follow-up with collection attorneys to ensure due diligence on all legal cases. Reviews and updates all tracking spreadsheets. Monitors, reviews and updates exception, delinquent and matured loan reports; ensures timely member billing and loan payment processing. Assists in activities related to loss mitigation to include loan extensions, loan modifications and foreclosures. Maintains mortgage and consumer collection queues to ensure legal action and consumer loan charge offs are performed timely and accurately. Demonstrates compliance with all applicable regulations and keeps up to date on regulation changes. Ensures that procedures regarding account sweeps, member notifications and collection notes are followed. Updates all member accounts within established timeframes to achieve maximum collection of past due debts. Establish and maintain effective, cooperative and collaborative working relationships with members, attorneys, vendors and staff. Performs other duties as assigned by the Vice President of Asset Recovery and the Senior Vice President of Lending. Troubleshoots and resolves member and internal inquiries in a timely, friendly and professional manner. Ensures all written and verbal member correspondence and all related information are documented and/or scanned accurately and timely into the Asset Recovery system. Responsible for understanding and complying in an accurate and timely basis with all Bank Secrecy Act/Anti-Money Laundering/OFAC requirements that pertain to your position at LFCU and as directed by management and/or the Senior Vice President of Risk Management. Requirements The ideal candidate will: Provide all members with professional support, accurate information, and friendly service. Ensure all data entry for loans are made with minimal, non-recurring errors. Prepare monthly delinquency reports by the established deadline. Contribute to the successful achievement of Organizational and Departmental goals as set by management and/or the Vice President of Asset Recovery. Adhere to Lafayette Federal's Service Standards Policy. Maintains confidentiality at all times. Maintain a dependable record of attendance and timeliness. Ensure that consumer and mortgage collection queues are followed. Requirements Qualified candidates will have the following: A positive credit standing Experience: Three to five years of similar or related experience Education: A high school diploma or GED Completion of a specialized course of study at a business or trade school or Completion of a specialized and extensive in-house training or apprenticeship program. Interpersonal Skills: A significant level of trust and diplomacy is required, in addition to normal courtesy and tact. Physical requirements and Work Environment This position requires manual dexterity, the ability to lift files and open cabinets. This position requires bending, stooping or standing as necessary. This job operates in a clerical office setting. This role routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets and fax machines. Office environment with job duties conducted via telephone, face to face meetings, and on the computer. Lafayette Federal Credit Union is committed to the health and safety of our employees, volunteers, and members. As such, we will require that all newly hired members of our team be COVID vaccinated two weeks prior to their first day of work. In accordance with applicable laws, we will consider exemptions to this requirement. Lafayette Federal Credit Union is an Equal Opportunity and E-Verify Employer EOE/AA/DISABILITY/VETERAN Employment Type: Full Time Years Experience: 1 - 3 years Bonus/Commission: No

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